Two brothers each open IRAs in 2009 and plan to invest $5,000 per year for the next 20 years. John makes his first deposit on January 1, 2009, and will make all future deposits on the first day of the year. Bill makes his first deposit on December 31, 2009, and will continue to make his annual deposits on the last day of each year. At the end of 20 years, the difference in the value of the IRAs (rounded to the nearest dollar), assuming an interest rate of 6% per year, will be $19,837 $21,000 $11,300 $11.036